Any stories of full and final settlements being agreed upon with M&S?

[Kate987123]

Hi,

 

Am hoping to hear of some positive stories regarding early settlements of debts at a reduced rate. A family member has an M&S credit card and the debt has been passed to an collections agency (Moorcroft). Currently waiting on a CCA request but assuming they provide the CCA would like to try and arrange a full and final settlement at a reduced rate.

 

Has anyone had any luck achieving a reduced rate with them?

 

Thanks for any info!

[SRR1972]

Subbing this cos I would love to know too

[littleme33]

Me too!

[Kate987123]

Was hoping this thread would fill my with confidence when attempting to get this debt sorted....maybe not lol!

[IainHL]

Kate, see this thread: http://www.consumeractiongroup.co.uk/forum/m-cards/252697-if-helps-m.html.

[Kate987123]

Thanks IainHL, good to know some people have managed to settle for a lower amount than they want!

[beetle1234]

Sorry this may be a little late but recently I have been involved in settling some credit cards/loans on behalf of a family member who does not want to wait what seems like an eternity to get rid of these alleged debts...easiest to deal with were a big big entity with four letters who fairly readily settled at 25% of balance....this was before the Manchester test cases info hit the streets and since then it has been tougher to achieve.

However a pattern is now forming in that most of them that still own the debt want all or most of it to settle...80%/90%+ in some cases.This seems crazy when it is clear that after a period many are going to sell debt to AN other collection agency who (it has been suggested on this forum) may have bought it from them for only 10% of the balance...at that stage it has been fairly easy to settle at 50% with them.The negative however is that to get to that stage you will almost certainly have default registered so each individual has to think clearly about their own strategy before embarking on final settlements...if you have a good credit file and you want to keep it that way you will probably need to settle early and at high value with company who issue card/loan...if credit file is not important and you can withstand the damage...wait and pay less to the DCA who buys the debt.

Not sure how helpful this is if you are looking to settle but just my own experience and opinions to date.